Former Portsmouth owner Milan Mandaric has confirmed he has made a bid for Championship club Leicester.

"I feel I have made a fair and generous offer to acquire Leicester City Football Club from the present shareholders," said the 68-year-old.

Mandaric, who left Portsmouth in September, revealed he would have preferred a longer break between clubs.

But he added: "Following other interest in the club I have had to accelerate takeover plans."

Leicester later confirmed they had received Mandaric's bid, which is believed to be in the region of £25m.

"My aim is to re-awaken Leicester City and aspire to the dreams of their passionate supporters and bring Premiership football back to the club at the earliest opportunity," said Mandaric.

A statement on the Foxes' website said: "We will give the offer full consideration.

"We have a number of options available to the board and it is imperative that the right decision is taken to safeguard, protect and develop the best interests of the football club in the short, medium and long term.